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Instructions An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Report Number Unit Materials Requisition Number Quantity Price Quantity Amount Unit Price Date Quantity Amount 280 $29.90 $8,372 40 131 $32.50 May 1 May 4 May 10 91 371 44 114 37.80 May 21 97 100 May 27 Required: Required: a. Complete the materials Issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit ontrios. CNOW Journals will automatically indent a credit entry when a credit amount is entered, Round your answers to the nearest dollar. d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. Materials Inventory a. Complete the material issues and balances for the subsidiary leder under FIFO Hound your unit price answers to two decimal places and final were to the nearest dollar RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Number Quantity Price Number Quantity Amount Date Quantity Unit Price Amount May 280 99.00 40 131 $3250 May 4 S 5 01 371 May 10 S 114 37.00 May 21 5 97 100 May 27 5 Determine the materiale inventory hace at the end of May Hound your answer to the nearest dollar $ Journal c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account bles. CNOWjoumas do not us lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar JOURNAL PAGE 10 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LIABILITIES EQUITY Final Question d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. Comparing as reported in the materials ledger with predetermined order points enables management to order materials before causes idle time

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